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I think 100,000 miles is the industry standard 'lifetime'. It would be interesting not to have to service a car for 100,000 miles (solve the filtration and top up at shorter service intervals problems). Most other things - like timing belts, coolant, brake fluid - could also be made to go that distance, if they don't already, leaving just tire pressures, wiper rubbers and not much else that have to be regularly serviced.
There are a few different pathways to lubricating oils from renewable sources. One is the ester type oils based on biologically derived fatty acids (like most biodiesel but with alcohols other than methanol). Without knowing the full chemistry, I think these oils are already used in the machinery used to manufacture food and pharmaceuticals because they are non-toxic.
Another way is to synthesise the oils from CO and H derived from whatever feedstock is convenient, similar to synthetic gas substitutes or indeed current synthetic oils (Fischer-Tropsch sp? type synthesis).
It can be done, at least technically. The issue is likely to be cost.
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